Análisis de las empresas de turismo rural en Cataluña y Galicia: rentabilidad económica y solvencia 2014 – 2018
Palabras clave:
RATIOS CONTABLES, CASAS RURALES, ANÁLISIS DE CONGLOMERADOS, DATOS COMPOSICIONALES (CODA), ANÁLISIS DUPONT
Resumen
El objeto de estudio es el turismo rural a partir de los datos contables que se obtienen de la base de datos SABI (Iberian Balance Sheet Analysis System). Se ha delimitado el estudio a dos comunidades españolas, en concreto Catalunya y Galicia, durante los años 2014 y 2018. Se ha analizado la viabilidad económica de las explotaciones a nivel agregado, a través de las ratios financieras aplicando la metodología CoDa (Datos Composicionales), que soluciona los problemas de asimetría, no linealidad y valores atípicos que presenta el análisis sectorial tradicional, a través de las ratios. Los datos se han clasificado en tres grupos (clústeres), analizando las divergencias que presentan respecto a la rentabilidad financiera, descomponiendo esta variable en rotación, margen y apalancamiento. También se ha utilizado el biplot composicional que permite hacer diagnósticos de empresas individuales y trazar sus trayectorias en el tiempo. Se concluye que, en todos los clústeres, el sector presenta márgenes y rentabilidades mayoritariamente negativos, aunque la situación mejora algo en 2018. Se identifica un grupo con grandes problemas de endeudamiento situado mayoritariamente en Galicia.
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Aitchison, J. (1986). The statistical analysis of compositional data. Monographs on Statistics and applied probability. London: Chapman and Hall.
Aitchison, J., Barceló-Vidal, C., Martín-Fernández, J.A., & Pawlowsky-Glahn, V. (2000).
Logratio analysis and compositional distances. Mathematical Geology, 32(3), 271–275.
Aitchison, J., & Greenacre, M. (2002). Biplots of compositional data. Journal of the Royal Statistical Society, Series C (Applied Statistics), 51(4), 375–392.
Arimany-Serrat, N., Farreras-Noguer, A., & Coenders, G. (2022). New developments in financial statement analysis. Liquidity in the winery sector. Accounting, 8(3), 355–366.
Arimany-Serrat, N., Farreras-Noguer, A., & Coenders, G. (2023). Financial resilience of Spanish wineries during the COVID-19 lockdown. International Journal of Wine Business Research. DOI: 10.1108/IJWBR-03-2022-0012
Baležentis, T., Galnaitytė, A., Krišciukaitienė, I., Namiotko, V., Novickytė, L., Streimikiene, D., & Melnikiene, R. (2019). Decomposing dynamics in the farm profitability: An application of index decomposition analysis to Lithuanian FADN sample. Sustainability, 11(10), 2861.
Ballina, F.J., Valdés, L., & del Valle, E. (2021). Quality marks as an economic consolidation factor for rural tourism. Cuadernos de Gestión, 21(1), 93–101.
Blancas, F.J., Lozano-Oyola, M., González, M., Guerrero, F.M., & Caballero, R. (2011). How to use sustainability indicators for tourism planning: The case of rural tourism in
Andalusia (Spain). Science of the Total Environment, 412, 28–45.
Bilbao, C., & Valdés, L. (2016). Evaluation of the profitability of quality labels in rural tourism accommodation: a hedonic approach using propensity score matching. Applied Economics, 48(34), 3253–3263.
Butler, R. (1998). Seasonality in tourism: Issues and implications. The Tourist Review, 53 (3), 18–24.
Carreras-Simó, M., & Coenders, G. (2020). Principal component analysis of financial statements. A compositional approach. Revista de Métodos Cuantitativos para la Economía y la Empresa, 29, 18–37.
Carreras Simó, M., & Coenders, G. (2021). The relationship between asset and capital structure: a compositional approach with panel vector autoregressive models.
Quantitative Finance and Economics, 5(4), 571–590.
Coenders, G., & Ferrer Rosell, B. (2020). Compositional data analysis in tourism. Review and future directions. Tourism Analysis, 25(1),153–168.
Costa, A.C. (2018). Influence of sociodemographic characteristics on the financial performance of micro and small businesses in rural tourism. Espacios, 39(14), 12–21.
Creixans Tenas, J., Coenders, G., & Arimany Serrat, N. (2019). Corporate social responsibility and financial profile of Spanish private hospitals. Heliyon, 5(10), e02623.
Dale, E., Greenwood, R.S., & Greenwood, R.G. (1980). Donaldson Brown: GM’s pioneer management theorist and practioner. Academy of Management Proceedings, 1980(1), 119–123.
Egozcue, J.J., & Pawlowsky-Glahn, V. (2019). Compositional data: the sample space and its structure. TEST, 28(3), 599–638.
Faello, J. (2015). Understanding the limitations of financial ratios. Academy of Accounting and Financial Studies Journal,19(3), 75–85.
Filzmoser, P., Garrett, R.G., & Reimann, C. (2005). Multivariate outlier detection in exploration geochemistry. Computers and Geosciences, 31(5), 579–587.
Ferrer-Rosell, B., & Coenders, G. (2018). Destinations and crisis. Profiling tourists’ budget share from 2006 to 2012. Journal of Destination Marketing and Management, 7, 26–35.
García Henche, B. (2005). Características diferenciales del producto turismo rural. Cuadernos de Turismo, 15, 113-133.
Granell, N. (2020). Analysis and assessment of the profitability of rural tourism in the province of Ávila. Investigaciones Turísticas, 19, 121–138.
Guaita, J.M., Martín, J.M., Salinas, J.A., & Mogorrón-Guerrero, H. (2019). An analysis of the stability of rural tourism as a desired condition for sustainable tourism. Journal of Business Research, 100, 1675–174.
Hernández Mogollón, J.M., Campón Cerro, A. M., & Di Clemente, E. (2013). El turista rural en entornos de alta calidad medioambiental. Revista de Análisis Turístico, 16, 21–31.
Jofre-Campuzano, P., & Coenders, G. (2022). Compositional classification of financial statement profiles. The weighted case. Journal of Risk and Financial Management, 15(12), 546.
Kallmuenzer, A., & Peters, M. (2018). Entrepreneurial behaviour, firm size and financial performance: the case of rural tourism family firms. Tourism Recreation Research, 43(1), 2–14.
Lev, B., & Sunder, S. (1979). Methodological issues in the use of financial ratios. Journal of Accounting and Economics, 1(3), 187–210.
Linares-Mustarós, S., Coenders, G., & Vives-Mestres, M. (2018). Financial performance and distress profiles. From classification according to financial ratios to compositional classification. Advances in Accounting, 40, 1–10.
Linares-Mustarós, S., Farreras-Noguer, M.A., Arimany-Serrat, N. & Coenders, G. (2022). New financial ratios based on the compositional data methodology. Axioms, 11(12), 694.
Lyu, J., Huang, H., & Mao, Z. (2021). Middle-aged and older adults’ preferences for long-stay tourism in rural China. Journal of Destination Marketing & Management, 19, 100552.
Martín Martín, J.M. (2020). Analysis of tourism seasonality as a factor limiting the sustainable development of rural areas. Journal of Hospitality & Tourism Research, 44(1), 45-75.
Palarea-Albaladejo, J., & Martín-Fernández, J.A. (2008). A modified EM alr-algorithm for replacing rounded zeros in compositional data sets. Computers & Geosciences, 34, 902-917.
Pawlowsky–Glahn, V., & Buccianti, A. (2002). Visualization and modeling of sub-populations of compositional data: Statistical methods illustrated by means of geochemical data from fumarolic fluids. International Journal of Earth Sciences, 91(2), 357–368.
Pawlowsky-Glahn, V., Egozcue, J.J., & Tolosana-Delgado, R. (2015). Modeling and analysis of compositional data. Chichester: Wiley.
Polo, A.I., Frías, D.M., & Rodríguez, M.Á. (2016). The effect of customer orientation on smaller sized service firms and on the Market: A multilevel application embracing firms and customers. Journal of Small Business Management, 54(2), 566–581.
Rodríguez Pulgarín, E.A. (2011). Clases y tipos de turismo según actividades desarrolladas. Revista Vinculando.
https://vinculando.org/vacaciones_viajes/turismo_sostenible/clases_de_turismo_sostenible_desarrollo_hotelero.html
Saus–Sala, E., Farreras–Noguer, À., Arimany–Serrat, N., & Coenders, G. (2021). Compositional DuPont analysis. A visual tool for strategic financial performance assessment. En P. Filzmoser, K. Hron, J.A. Martín-Fernández, & J. Palarea-Albaladejo (Eds.), Advances in Compositional Data Analysis, 189–206. Cham: Springer.
Su, M.M., Wall, G., Wang,Y., & Jin, M. (2019). Livelihood sustainability in a rural tourism destination - Hetu Town, Anhui Province, China. Tourism Management, 71, 272–281.
Talaya Águeda, E. (2004). Modelos de la demanda turística en España: segmentación por países de procedencia. Mediterráneo Económico, 5, 81-101.
Thió-Henestrosa, S., & Martín-Fernández, J.A. (2005). Dealing with compositional data: The freeware CoDaPack. Mathematical Geology, 37(7), 773–793.
Tirado Ballesteros, J.G., & Hernández Hernández, M. (2021). Challenges facing rural tourism management. A supply-based perspective in Castilla-La Mancha (Spain). Tourism and Hospitality Research, 21(2), 216–228.
Ye, S., Xiao, H., & Zhou, L. (2019). Small accommodation business growth in rural areas: Effects on guest experience and financial performance. International Journal of Hospitality Management, 76, 29–38.
Aitchison, J. (1986). The statistical analysis of compositional data. Monographs on Statistics and applied probability. London: Chapman and Hall.
Aitchison, J., Barceló-Vidal, C., Martín-Fernández, J.A., & Pawlowsky-Glahn, V. (2000).
Logratio analysis and compositional distances. Mathematical Geology, 32(3), 271–275.
Aitchison, J., & Greenacre, M. (2002). Biplots of compositional data. Journal of the Royal Statistical Society, Series C (Applied Statistics), 51(4), 375–392.
Arimany-Serrat, N., Farreras-Noguer, A., & Coenders, G. (2022). New developments in financial statement analysis. Liquidity in the winery sector. Accounting, 8(3), 355–366.
Arimany-Serrat, N., Farreras-Noguer, A., & Coenders, G. (2023). Financial resilience of Spanish wineries during the COVID-19 lockdown. International Journal of Wine Business Research. DOI: 10.1108/IJWBR-03-2022-0012
Baležentis, T., Galnaitytė, A., Krišciukaitienė, I., Namiotko, V., Novickytė, L., Streimikiene, D., & Melnikiene, R. (2019). Decomposing dynamics in the farm profitability: An application of index decomposition analysis to Lithuanian FADN sample. Sustainability, 11(10), 2861.
Ballina, F.J., Valdés, L., & del Valle, E. (2021). Quality marks as an economic consolidation factor for rural tourism. Cuadernos de Gestión, 21(1), 93–101.
Blancas, F.J., Lozano-Oyola, M., González, M., Guerrero, F.M., & Caballero, R. (2011). How to use sustainability indicators for tourism planning: The case of rural tourism in
Andalusia (Spain). Science of the Total Environment, 412, 28–45.
Bilbao, C., & Valdés, L. (2016). Evaluation of the profitability of quality labels in rural tourism accommodation: a hedonic approach using propensity score matching. Applied Economics, 48(34), 3253–3263.
Butler, R. (1998). Seasonality in tourism: Issues and implications. The Tourist Review, 53 (3), 18–24.
Carreras-Simó, M., & Coenders, G. (2020). Principal component analysis of financial statements. A compositional approach. Revista de Métodos Cuantitativos para la Economía y la Empresa, 29, 18–37.
Carreras Simó, M., & Coenders, G. (2021). The relationship between asset and capital structure: a compositional approach with panel vector autoregressive models.
Quantitative Finance and Economics, 5(4), 571–590.
Coenders, G., & Ferrer Rosell, B. (2020). Compositional data analysis in tourism. Review and future directions. Tourism Analysis, 25(1),153–168.
Costa, A.C. (2018). Influence of sociodemographic characteristics on the financial performance of micro and small businesses in rural tourism. Espacios, 39(14), 12–21.
Creixans Tenas, J., Coenders, G., & Arimany Serrat, N. (2019). Corporate social responsibility and financial profile of Spanish private hospitals. Heliyon, 5(10), e02623.
Dale, E., Greenwood, R.S., & Greenwood, R.G. (1980). Donaldson Brown: GM’s pioneer management theorist and practioner. Academy of Management Proceedings, 1980(1), 119–123.
Egozcue, J.J., & Pawlowsky-Glahn, V. (2019). Compositional data: the sample space and its structure. TEST, 28(3), 599–638.
Faello, J. (2015). Understanding the limitations of financial ratios. Academy of Accounting and Financial Studies Journal,19(3), 75–85.
Filzmoser, P., Garrett, R.G., & Reimann, C. (2005). Multivariate outlier detection in exploration geochemistry. Computers and Geosciences, 31(5), 579–587.
Ferrer-Rosell, B., & Coenders, G. (2018). Destinations and crisis. Profiling tourists’ budget share from 2006 to 2012. Journal of Destination Marketing and Management, 7, 26–35.
García Henche, B. (2005). Características diferenciales del producto turismo rural. Cuadernos de Turismo, 15, 113-133.
Granell, N. (2020). Analysis and assessment of the profitability of rural tourism in the province of Ávila. Investigaciones Turísticas, 19, 121–138.
Guaita, J.M., Martín, J.M., Salinas, J.A., & Mogorrón-Guerrero, H. (2019). An analysis of the stability of rural tourism as a desired condition for sustainable tourism. Journal of Business Research, 100, 1675–174.
Hernández Mogollón, J.M., Campón Cerro, A. M., & Di Clemente, E. (2013). El turista rural en entornos de alta calidad medioambiental. Revista de Análisis Turístico, 16, 21–31.
Jofre-Campuzano, P., & Coenders, G. (2022). Compositional classification of financial statement profiles. The weighted case. Journal of Risk and Financial Management, 15(12), 546.
Kallmuenzer, A., & Peters, M. (2018). Entrepreneurial behaviour, firm size and financial performance: the case of rural tourism family firms. Tourism Recreation Research, 43(1), 2–14.
Lev, B., & Sunder, S. (1979). Methodological issues in the use of financial ratios. Journal of Accounting and Economics, 1(3), 187–210.
Linares-Mustarós, S., Coenders, G., & Vives-Mestres, M. (2018). Financial performance and distress profiles. From classification according to financial ratios to compositional classification. Advances in Accounting, 40, 1–10.
Linares-Mustarós, S., Farreras-Noguer, M.A., Arimany-Serrat, N. & Coenders, G. (2022). New financial ratios based on the compositional data methodology. Axioms, 11(12), 694.
Lyu, J., Huang, H., & Mao, Z. (2021). Middle-aged and older adults’ preferences for long-stay tourism in rural China. Journal of Destination Marketing & Management, 19, 100552.
Martín Martín, J.M. (2020). Analysis of tourism seasonality as a factor limiting the sustainable development of rural areas. Journal of Hospitality & Tourism Research, 44(1), 45-75.
Palarea-Albaladejo, J., & Martín-Fernández, J.A. (2008). A modified EM alr-algorithm for replacing rounded zeros in compositional data sets. Computers & Geosciences, 34, 902-917.
Pawlowsky–Glahn, V., & Buccianti, A. (2002). Visualization and modeling of sub-populations of compositional data: Statistical methods illustrated by means of geochemical data from fumarolic fluids. International Journal of Earth Sciences, 91(2), 357–368.
Pawlowsky-Glahn, V., Egozcue, J.J., & Tolosana-Delgado, R. (2015). Modeling and analysis of compositional data. Chichester: Wiley.
Polo, A.I., Frías, D.M., & Rodríguez, M.Á. (2016). The effect of customer orientation on smaller sized service firms and on the Market: A multilevel application embracing firms and customers. Journal of Small Business Management, 54(2), 566–581.
Rodríguez Pulgarín, E.A. (2011). Clases y tipos de turismo según actividades desarrolladas. Revista Vinculando.
https://vinculando.org/vacaciones_viajes/turismo_sostenible/clases_de_turismo_sostenible_desarrollo_hotelero.html
Saus–Sala, E., Farreras–Noguer, À., Arimany–Serrat, N., & Coenders, G. (2021). Compositional DuPont analysis. A visual tool for strategic financial performance assessment. En P. Filzmoser, K. Hron, J.A. Martín-Fernández, & J. Palarea-Albaladejo (Eds.), Advances in Compositional Data Analysis, 189–206. Cham: Springer.
Su, M.M., Wall, G., Wang,Y., & Jin, M. (2019). Livelihood sustainability in a rural tourism destination - Hetu Town, Anhui Province, China. Tourism Management, 71, 272–281.
Talaya Águeda, E. (2004). Modelos de la demanda turística en España: segmentación por países de procedencia. Mediterráneo Económico, 5, 81-101.
Thió-Henestrosa, S., & Martín-Fernández, J.A. (2005). Dealing with compositional data: The freeware CoDaPack. Mathematical Geology, 37(7), 773–793.
Tirado Ballesteros, J.G., & Hernández Hernández, M. (2021). Challenges facing rural tourism management. A supply-based perspective in Castilla-La Mancha (Spain). Tourism and Hospitality Research, 21(2), 216–228.
Ye, S., Xiao, H., & Zhou, L. (2019). Small accommodation business growth in rural areas: Effects on guest experience and financial performance. International Journal of Hospitality Management, 76, 29–38.
Publicado
2023-05-12
Cómo citar
Saus Sala, E., Farreras Noguer, M., Arimany Serrat, N., & Coenders, G. (2023). Análisis de las empresas de turismo rural en Cataluña y Galicia: rentabilidad económica y solvencia 2014 – 2018. Cuadernos Del CIMBAGE, 1(25), 33-54. https://doi.org/10.56503/CIMBAGE/Vol.1/Nro.25(2023)p.33-54
Sección
ECONOMÍA
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